Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
Juridical seat versus arbitral venue determines supervisory court jurisdiction, while timely award challenges remain within the prescribed limitation ...
Profit estimation on unrecorded ready-mix concrete sales must have a reasonable nexus to the material and cannot replace an accepted turnover working without supporting evidence. Where audited results for the same activity showed a gross loss and the books were neither rejected nor found defective, departing from the year-specific approach adopted in prior assessments was unsupported; the estimated gross-profit addition was deleted. Cash-credit provisions require a credit in the taxpayer's own books. Off-book pen-drive entries attributed to unrecorded sales could not support a cash-credit addition, particularly where taxing full receipts beyond their profit element would result in double assessment. The cash-credit addition was deleted.
Profit estimation on unrecorded ready-mix concrete sales must have a reasonable nexus to the material and cannot replace an accepted turnover working without supporting evidence. Where audited results for the same activity showed a gross loss and the books were neither rejected nor found defective, departing from the year-specific approach adopted in prior assessments was unsupported; the estimated gross-profit addition was deleted. Cash-credit provisions require a credit in the taxpayer's own books. Off-book pen-drive entries attributed to unrecorded sales could not support a cash-credit addition, particularly where taxing full receipts beyond their profit element would result in double assessment. The cash-credit addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
